When a homeowner lists their home for sale, they are hoping that it sells quickly and for the most money possible. Additionally, they may need to meet a specific timeline for moving or buying their next home. It can be stressful if any of these situations don’t go as planned. It could cause a ripple effect that drastically affects the process and planning.
If you too have these concerns about selling your home and are hoping for the perfect market that allows for these things to fall right into place, then selling your home this Spring is the way to go. Check out our top reasons to sell your home this Spring.
Buyers are Out in Full Force
Springtime has always been a time for increased buyer activity in the real estate market. This Spring, there are even more buyers than usual. Historically low-interest rates are the driving factor. The website, Showingtime.com, which tracks buyer showing requests nationwide is reporting that showing requests are up over 50% from the previous one-year period. This substantial increase of homebuyers in the market creates more competition for the currently low inventory of homes for sale. This leads to homes selling faster and for more money.
Low Inventory Means Low Competition
Most major markets and surrounding areas are experiencing a historically low number of homes for sale. This recipe of high buyer demand and low inventory creates a well-leveraged selling situation for home sellers. This is commonly known as a “Seller’s Market”. A seller’s market often bears higher sales prices and lower days on market.
Interest Rates are Crazy Low
Low interest rates help to increase buyer activity nationwide. Another positive for sellers is that low rates allow buyers to afford to pay more for their homes. This too helps to bear higher sales prices.
Likelihood of Multiple Offers
The current spring market is primed with high buyer activity and a low inventory of homes for sale. The likelihood of home sellers receiving multiple offers for their homes is increased in this type of market. When a seller receives more than one offer at a time, they have an opportunity to counter the buyers to present their “highest and best offers”. This is often called a ‘bidding war’.
In a multiple-offer situation, buyers have no clue what other buyers are offering. This behooves the buyers to increase their offer (sometimes by several thousands of dollars).
The Bottom Line
Today’s market is definitely a ‘Seller’s Market’. Sellers that are considering a move would be able to take advantage of this leverage to maximize their financial returns and bank on a quick sale. Contact your local real estate expert to get more information about trends in your specific market in order to see what your options are.